{"id":"https://openalex.org/W2804869796","doi":null,"title":"Empirical Verification of Milton Friedman\u2019s Theory of Demand for Real Money Balancesin Nigeria: Generalized Linear Model Analysis","display_name":"Empirical Verification of Milton Friedman\u2019s Theory of Demand for Real Money Balancesin Nigeria: Generalized Linear Model Analysis","publication_year":2016,"publication_date":"2016-01-01","ids":{"openalex":"https://openalex.org/W2804869796","mag":"2804869796"},"language":"en","primary_location":{"id":"pmh:oai:RePEc:rss:jnljee:v5i1p4","doi":null,"is_oa":false,"landing_page_url":"http://rassweb.org/admin/pages/ResearchPapers/Paper%204_1497037844.pdf","pdf_url":"http://rassweb.org/admin/pages/ResearchPapers/Paper%204_1497037844.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":[],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5090332689","display_name":"Ernest Simeon Odior","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Ernest Simeon Odior","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"last","author":{"id":"https://openalex.org/A5070793740","display_name":"Raymond Osi Alenoghena","orcid":"https://orcid.org/0000-0002-2701-2701","observed_orcids":["https://orcid.org/0000-0002-2701-2701"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Raymond Osi Alenoghena","raw_affiliation_strings":[],"raw_orcid":"https://orcid.org/0000-0002-2701-2701","affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":1.3133,"has_fulltext":false,"cited_by_count":3,"citation_normalized_percentile":{"value":0.85067544,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":88,"max":93},"biblio":{"volume":"5","issue":"1","first_page":"35","last_page":"50"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9984999895095825,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9984999895095825,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.0007999999797903001,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11742","display_name":"Economic Theory and Policy","score":0.00019999999494757503,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/money-demand","display_name":"money demand","score":0.8569999933242798},{"id":"https://openalex.org/keywords/real-money-balances","display_name":"real money balances","score":0.9909999966621399},{"id":"https://openalex.org/keywords/real-income","display_name":"real income","score":0.8050000071525574},{"id":"https://openalex.org/keywords/inflation","display_name":"inflation","score":0.9129999876022339},{"id":"https://openalex.org/keywords/interest-rates","display_name":"interest rates","score":0.8889999985694885},{"id":"https://openalex.org/keywords/stock-market","display_name":"stock market","score":0.8159999847412109},{"id":"https://openalex.org/keywords/bond-market","display_name":"bond market","score":0.7379999756813049},{"id":"https://openalex.org/keywords/nigeria","display_name":"Nigeria","score":0.4300000071525574},{"id":"https://openalex.org/keywords/monetary-targeting","display_name":"monetary targeting","score":0.7350000143051147},{"id":"https://openalex.org/keywords/stock-market-development","display_name":"stock market development","score":0.42399999499320984}],"concepts":[{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.7997212409973145},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.6177326440811157},{"id":"https://openalex.org/C176398731","wikidata":"https://www.wikidata.org/wiki/Q8981416","display_name":"Demand curve","level":2,"score":0.6176860332489014},{"id":"https://openalex.org/C175025494","wikidata":"https://www.wikidata.org/wiki/Q179179","display_name":"Interest rate","level":2,"score":0.5659065246582031},{"id":"https://openalex.org/C2778816174","wikidata":"https://www.wikidata.org/wiki/Q1499538","display_name":"Demand for money","level":3,"score":0.5644326210021973},{"id":"https://openalex.org/C200941418","wikidata":"https://www.wikidata.org/wiki/Q273508","display_name":"Inflation (cosmology)","level":2,"score":0.49794721603393555},{"id":"https://openalex.org/C145162277","wikidata":"https://www.wikidata.org/wiki/Q1751675","display_name":"Cointegration","level":2,"score":0.4811174273490906},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.4644363820552826},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.45502787828445435},{"id":"https://openalex.org/C154815372","wikidata":"https://www.wikidata.org/wiki/Q1140421","display_name":"Real interest rate","level":3,"score":0.4367735981941223},{"id":"https://openalex.org/C203379541","wikidata":"https://www.wikidata.org/wiki/Q1801078","display_name":"Aggregate demand","level":3,"score":0.42653968930244446},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.34741711616516113},{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.3448755741119385},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.20166993141174316},{"id":"https://openalex.org/C2779343474","wikidata":"https://www.wikidata.org/wiki/Q3109175","display_name":"Context (archaeology)","level":2,"score":0.09209537506103516},{"id":"https://openalex.org/C121332964","wikidata":"https://www.wikidata.org/wiki/Q413","display_name":"Physics","level":0,"score":0.0},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C78519656","wikidata":"https://www.wikidata.org/wiki/Q101333","display_name":"Mechanical engineering","level":1,"score":0.0},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.0},{"id":"https://openalex.org/C33332235","wikidata":"https://www.wikidata.org/wiki/Q18362","display_name":"Theoretical physics","level":1,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"pmh:oai:RePEc:rss:jnljee:v5i1p4","doi":null,"is_oa":false,"landing_page_url":"http://rassweb.org/admin/pages/ResearchPapers/Paper%204_1497037844.pdf","pdf_url":"http://rassweb.org/admin/pages/ResearchPapers/Paper%204_1497037844.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},{"id":"mag:2804869796","doi":null,"is_oa":false,"landing_page_url":"https://econpapers.repec.org/RePEc:rss:jnljee:v5i1p4","pdf_url":null,"source":{"id":"https://openalex.org/S4306515538","display_name":"Journal of Empirical Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Journal of Empirical Economics","raw_type":null}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W4281570287","https://openalex.org/W2897329605","https://openalex.org/W2158409008","https://openalex.org/W2187540890","https://openalex.org/W2769653904","https://openalex.org/W2188894885","https://openalex.org/W3093933233","https://openalex.org/W7096052333","https://openalex.org/W6987929130","https://openalex.org/W1978328024"],"abstract_inverted_index":{"This":[0],"study":[1,34,49,123,159,207],"empirically":[2],"investigates":[3],"the":[4,14,58,72,75,81,85,97,100,104,109,135,149,154,185,199],"relationship":[5],"between":[6],"real":[7,21,145,162,171,176],"money":[8,17,53,126,146,163,177,202],"balances":[9],"(demand":[10],"for":[11,71,80,113,134,156,223],"money)":[12],"using":[13,84,108],"Milton":[15],"Friedman\u2019s":[16],"demand":[18,54,127,147,155,164,178,203],"function":[19,55,128,204],"and":[20,28,56,65,83,107,138,142,174,179,216],"income,":[22,172],"bonds,":[23],"equities,":[24],"stocks,":[25],"interest":[26,186],"rates,":[27],"inflation":[29,141,173,224],"rate":[30],"in":[31,132,170,184,205],"Nigeria.":[32],"The":[33,158],"used":[35],"annual":[36],"time":[37],"series":[38],"spanning":[39],"32":[40],"years,":[41],"a":[42,51,182,221],"sample":[43,136],"period":[44,137],"from":[45],"1981-2013.":[46],"Methodically,":[47],"this":[48,122],"models":[50],"standard":[52],"employed":[57],"use":[59],"of":[60,99,144,153,201],"ADF":[61],"-":[62,91],"Fisher":[63,92],"Chi-square":[64],"Phillips-Perron":[66],"test":[67,70,79],"statistic":[68],"to":[69,78,95,167,181],"unit":[73],"root,":[74],"Engle-Granger":[76],"single-equation":[77],"cointegration":[82],"Generalized":[86],"Linear":[87],"Model":[88],"(GLM)":[89],"(IRLS":[90],"Scoring)":[93],"method":[94],"dilate":[96],"impacts":[98],"explanatory":[101],"variables":[102,196],"on":[103],"explained":[105],"variable":[106],"Ramsey":[110],"Reset":[111],"Testtodiagnostics":[112],"functional":[114],"form":[115],"misspecification.":[116],"Partially":[117],"consistent":[118],"with":[119],"theoretical":[120],"postulates,":[121],"finds":[124],"that":[125,139,161,193],"is":[129],"partially":[130],"stable":[131],"Nigeria":[133],"income;":[140],"lag":[143],"are":[148],"most":[150],"significant":[151],"determinants":[152],"money.":[157],"shows":[160],"positively":[165],"responds":[166],"an":[168],"increase":[169],"past":[175],"negatively":[180],"rise":[183],"rates":[187],"spreads.":[188],"It":[189],"was":[190],"also":[191,217],"gathered":[192],"stock":[194,213],"market":[195,214],"can":[197],"improve":[198],"performance":[200],"Nigeria.The":[206],"recommended":[208],"policies":[209],"aimed":[210],"at":[211],"improving":[212],"activities":[215],"monetary":[218],"targeting":[219],"as":[220],"tool":[222],"control.":[225]},"counts_by_year":[{"year":2020,"cited_by_count":1},{"year":2019,"cited_by_count":1},{"year":2018,"cited_by_count":1}],"updated_date":"2026-11-04T10:54:05.112534","created_date":"2018-06-01T00:00:00"}